M&T BANK CORP

As reported on M&T's Form 8-K filed on September 28, 2026, effective for the third quarter of 2026, M&T made certain changes and reclassifications to other income categories presented in its Consolidated Statement of Income. All periods presented herein reflect these changes.

The components of other income are presented in the accompanying table.

OTHER INCOME

Trust and investment services income

Trust and investment services income includes revenues from two significant businesses managed within the Company's Institutional Services and Wealth Management segment. The Institutional Services business provides a variety of trustee, agency, investment management and administrative services for corporations and institutions, investment bankers, corporate tax, finance and legal executives, and other institutional clients who: (i) use capital markets financing structures; (ii) use independent trustees to hold assets; and (iii) need investment and cash management services. The Wealth Management business offers personal trust, planning and advisory, fiduciary, asset management, family office and other services designed to help high net worth individuals and families grow, preserve and transfer wealth. Trust and investment services income also includes income from the sale of mutual funds and annuities, securities brokerage fees and select investment products of LPL Financial, an independent financial services broker.

TRUST AND INVESTMENT SERVICES INCOME AND ASSETS UNDER MANAGEMENT

(a)The increase in trust assets under management from December 31, 2025 to each of September 30, 2026 and June 30, 2026 predominantly reflects managed assets related to a single customer construction project.

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Trust and investment services income decreased $5 million in the recent quarter as compared with the second quarter of 2026 reflecting seasonal tax services fees earned by the Wealth Management business in the second quarter of 2026.

For the nine months ended September 30, 2026, trust and investment services income increased $41 million as compared with the similar 2025 period. Institutional Services trust income rose $17 million reflecting higher sales and fund management fees and Wealth Management trust income increased $15 million reflecting comparatively higher assets under management and favorable market performance associated with those assets. Brokerage service income increased $9 million reflecting higher managed and advisory fees.

Mortgage banking revenues

Mortgage banking revenues are comprised of both residential and commercial mortgage banking activities, which consist of realized gains and losses from sales of real estate loans and loan servicing rights, unrealized gains and losses on real estate loans held for sale and related commitments, real estate loan servicing fees, and other real estate loan related fees and income. The Company's involvement in commercial mortgage banking activities includes the origination, sales and servicing of loans under the multifamily loan programs of Fannie Mae, Freddie Mac and the U.S. Department of Housing and Urban Development.

RESIDENTIAL MORTGAGE BANKING ACTIVITIES

(a)Includes a $15 million and a $48 million reduction in fair value attributable to the realization of expected net servicing cash flows over time for the three-month and nine-month periods ended September 30, 2026, respectively.

(b)The contractual servicing rights associated with residential mortgage loans sub-serviced by the Company were primarily held by affiliates of BLG. Information about the Company’s relationship with BLG and its affiliates is included in note 16 of Notes to Financial Statements.

Effective January 1, 2026, the Company elected to prospectively measure its residential mortgage loan servicing right assets at fair value with changes in fair value reflected in mortgage banking revenues. As a result, fair value changes in the mortgage loan servicing right assets, inclusive of the realization of expected net servicing revenues over time, are included in mortgage banking revenues. On December 31, 2025, the Company began economically hedging the risk of fair value changes in these assets through the use of various interest rate and other derivative contracts, for which changes in fair value are also reflected in mortgage banking revenues.

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In June 2026, the Company began sub-servicing $62.9 billion of additional residential mortgage loans with contractual servicing rights held by Bayview Financial. In March 2026, servicing functions for $30.1 billion of residential mortgage loans were returned to Bayview Financial as contractual holder of those servicing rights.

The higher residential mortgage banking revenues for the three and nine months ended September 30, 2026 as compared with the three months ended June 30, 2026 and nine months ended September 30, 2025, respectively, reflect increased sub-servicing revenues from the net addition of sub-serviced loans. Partially offsetting the increase in residential mortgage banking revenues in the first three quarters of 2026 as compared with the similar 2025 period was the impact of the Company's accounting election described herein.

COMMERCIAL MORTGAGE BANKING ACTIVITIES

(a)Includes $4.6 billion at each of September 30, 2026 and December 31, 2025, $4.7 billion at June 30, 2026 and $4.4 billion at September 30, 2025 of loan balances for which investors had recourse to the Company if such balances are ultimately uncollectable.

The decline in gains on commercial mortgage loans originated for sale in the first nine months of 2026 as compared with the first nine months of 2025 reflects decreased volume of new commitments to originate commercial real estate loans for sale.

Service charges on deposit accounts

Service charges on deposit accounts for the first nine months of 2026 increased $15 million as compared with the first nine months of 2025 reflecting higher commercial service charges that resulted from pricing changes and increased customer usage of sweep products and higher consumer service charges.

Capital markets and advisory revenues

Capital markets and advisory revenues includes loan syndication fees, underwriting and advisory revenues along with fees related to interest rate swap agreements and foreign exchange contracts. The Company enters into interest rate swap agreements and foreign exchange contracts with customers who need such services and concomitantly enters into offsetting trading positions with third parties to minimize the risks involved with these types of transactions. Information about the notional amount of interest rate, foreign exchange and other non-hedging contracts entered into by the Company is included in note 11 of Notes to Financial Statements and herein under the heading "Market Risk and Interest Rate Sensitivity." As compared with the second quarter of 2026, capital markets and advisory revenues decreased $9 million reflecting a decline in loan syndication fees and lower revenues from interest rate swap transactions with commercial customers in the recent quarter. For the first nine months of 2026, capital markets and advisory revenues increased $20 million reflecting higher revenues from interest rate swap transactions with commercial customers.

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Other revenues from operations

The components of other revenues from operations are presented in the accompanying table.

OTHER REVENUES FROM OPERATIONS

(a)During 2017, the operating losses of BLG resulted in M&T reducing the carrying value of its investment in BLG to zero. Subsequently, M&T has received cash distributions from BLG each year that resulted in the recognition of income by M&T. M&T expects cash distributions from BLG in the future, but the timing and amount of those distributions are not within M&T's control. BLG is entitled to receive distributions from its affiliates that provide asset management and other services that are available for distribution to M&T. Information about the Company’s relationship with BLG and its affiliates is included in note 16 of Notes to Financial Statements.

Other revenues from operations decreased $10 million in the third quarter of 2026 as compared with the second quarter of 2026 reflecting a lower distribution from M&T's investment in BLG.

Higher other revenues from operations in the first nine months of 2026 as compared with the first nine months of 2025 reflected $91 million of higher distributions received from M&T's investment in BLG in the first nine months of 2026, partially offset by a distribution of an earnout payment of $28 million related to the Company's 2023 sale of its CIT business, gains on the sales of an out-of-footprint residential builder and developer loan portfolio of $15 million, a $12 million gain on the sale of equipment leases and a $10 million gain on the sale of a subsidiary that specialized in institutional services all of which occurred in the first nine months of 2025.